I was kinda surprised when I read the news from Financial Times that the cross-section of the UK's MPs that seems to see it as needless to regulate cryptocurrency suggested that it should be viewed as "a form of gambling" and be regulated as such.
Without relying on my own understanding of "gambling," I quickly used the help of the Oxford Dictionary through Google, and it states;
1. Play games of chance for money; bet.
2. Take risky action in the hope of a desired result.
The second one seems to fit crypto best, so it's clear they know what they are saying.
Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?
One of the simplest explanation as to why anti-crypto supporters believe that cryptocurrency is gambling is because it's value only depends on how many people want to buy it. They say bitcoin isn't like commodities, people will always need to eat drink coffee. According to them, these commodities can never decrease to zero in value but bitcoin can, as soon as it goes out of fashion. The value of bitcoin only increases as long as more people are buying in to it. That is their logic and they are dead wrong. But what they do not talk about is the technology behind bitcoin that is the decentralized financial system is not always talked about. Without relying on my own understanding of "gambling," I quickly used the help of the Oxford Dictionary through Google, and it states;
1. Play games of chance for money; bet.
2. Take risky action in the hope of a desired result.
The second one seems to fit crypto best, so it's clear they know what they are saying.
Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?
